MYKOLAIV, DECEMBER, 15TH, CONTEXT-PRICHERNOMORIE – “Damen Shipyards Ocean” Joint Stock Company’s shareholders during their meeting aproved the new name for their company – “Wadan Yards Ocean” Joint Stock Company.

This was stated in the Company’s official report today, on December, 15th.

The agenda of the shareholders’ meeting included 11 points. One of the first points to be discussed was renaming of the company into “Wadan Yards Ocean”.

Supervisory Council studied and discussed the candidates to be included into the Board of Directors. The new management board is headed by Hero of Ukraine Nikolay Romanchuk, unanimously elected General Director. Nikolay Romanchuk has administered the company since 1996.

In the future “Wadan Yards Ocean” Joint Stock Company are planning to provide longterm workload of their production capacity and manufacture of competitive production.

In compliance with the register of shareholders the main shareholder of “Wadan Yards Ocean” Joint Stock Company is Wadan Yards shipbuiling group also owning two shipyards and a project bureau in Germany.

General Shareholders meeting adpoted finance reporting for 2007, the staff of Supervisory Council, Auditing Committee and the Company Statute.